Investors edgy at stake strategy

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When Andy Inglis secured himself a job at Petrofac at the start of the
year, there were some raised eyebrows in the oil industry. Petrofac is one
of a handful of successful quoted UK companies that services the industry
worldwide, but its policy of sometimes taking equity positions in fields it
develops has not always been appreciated.

Sometimes this works. The company, which services about a quarter of all the
UK’s oil and gas production, took a stake in the North Sea and spun this off
in March last year as the quoted company EnQuest.